Bank of Maldives (BML) has signed an agreement with FENAKA Corporation to expand its cash agent services in the atolls of Maldives.
The agrement was signed by the CEO and Managing Director of BML, Andrew John Healy, and Managing Director of FENAKA Corporation, Ahmed Shareef, during a ceremony held on 2nd November, at Bank of Maldives head office.
"We are committed to providing our services throughout the country and today’s agreement will help us to extend our reach even further. A total of 116 islands will benefit from this agreement and will be able to access cash withdrawal services in their local Fenaka outlet." states Bank of Maldives.
The service of cash agents was introduced by BML in 2014, allowing customers in inabited islands that does not have an established branch of the bank to withdraw money through business service providers. Customers can withdraw money through their debit cards by means of POS (point of sales) machines in the shops of their islands.
More than 200 BML cash agents are currently located in different islands across the Maldives. Under this agreement, the cash agent service will be expanded to all FENAKA outlets in the country.